Required information Problem 3-4A Weighted average: Process cost summary, equivalent units, cost estimates LO C2, C3, P4 The following information applies to the questions displayed below.] Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 29,200 units of product to finished goods inventory. Its 4,400 units of beginning work in process consisted of $21,200 of direct materials and $284,940 of conversion costs. It has 3,100 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $592,500 of direct material costs and $2,788,020 of conversion costs were charged to production. Problem 3-4A Part 1 1. Prepare the company's process cost summary for May using the weighted average method. Total costs to account for: Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)- weighted average method Units % Materials EUP-Materials % Conversion conversion EUP- Conversion Total units Cost per equivalent unit of production Materials Conversion Costs EUP Costs EUP Total costs + Equivalent units of production Cost per equivalent unit of production Total costs accounted for: Cost of units transferred out: EUP Cost per EUP Total cost Direct materials Conversion Total costs transferred out EUP Cost per EUP Total cost Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for Required information Problem 3-4A Weighted average: Process cost summary, equivalent units, cost estimates LO C2, C3, P4 [The following information applies to the questions displayed below.] Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 29,200 units of product to finished goods inventory. Its 4,400 units of beginning work in process consisted of $21,200 of direct materials and $284,940 of conversion costs. It has 3,100 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $592,500 of direct material costs and $2,788,020 of conversion costs were charged to production. Problem 3-4A Part 2 2. Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) View transaction list Journal entry worksheet Record the transfer of goods to finished goods inventory. Note: Enter debits before credits. Date General Journal Debit Credit May 31 Record entry Clear entry View general journal
